FDC profit soars 21% to P10.3 B

Published April 10, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Filinvest Development Corporation (FDC), the flagship of the Gotianun family, reported a 21 percent jump in net income to P10.3 billion last year.

In a disclosure to the Philippine Stock Exchange, the firm said growth in profit was driven by a 15 percent increase in revenues to P67.6 billion in 2017.

The bulk of revenues was contributed by the banking (42 percent) and property (40 percent) segments. This was followed by contributions from power (15 percent) and sugar (3 percent).

Banking subsidiary EastWest Bank (EWB)’s net income surged to R5.1 billion in 2017, 48 percent higher than the P3.4 billion booked in 2016.

Filinvest Land, Inc. (FLI), the group’s listed real estate firm, ended the year with a solid net income of P5.8 billion at the end of 2017, 9 percent higher than the previous year.

FDC Utilities, Inc. delivered 32 percent more revenues in 2017, as the group’s flagship 3 x 135 MW clean coal facility in Misamis Oriental marked its first full year of commercial operations.

“We are happy to support Mindanao’s growth through our power plant and look forward to serving more people in 2018,” said FDC President Josephine Gotianun-Yap.  The plant has been delivering power to Mindanao since the last quarter of 2016.